Skip to main content
Tags: cantor | reason | resign | congress | payday

Why Eric Cantor Quit Now: $1 Million Private-Sector Payday

By    |   Saturday, 02 August 2014 05:15 PM EDT

Former House Majority Leader Eric Cantor is leaving Congress early to find a job that could easily pay him $1 million or more a year, Republican sources and corporate headhunters say.

"He will have opportunities in the traditional Washington political world," Nels Olson, a vice chairman at Korn Ferry in Washington, told Politico. "I think he could have Wall Street, investment banks or private-equity firms interested, given his relevant talents."

Cantor, who lost to economics professor Dave Brat in the Virginia GOP primary on June 10, has been approached by several lobbying firms, corporations and Wall Street companies, Politico reports.

However, Cantor has not held any serious talks on those prospects, the sources told Politico. He left Capitol Hill on Thursday, not even participating in the House votes on the border funding bill that eventually passed on Friday.

The congressman, who has been in the House since 2001, said in a statement on Friday that he would leave the House on Aug. 18. Cantor had been majority leader since 2011.

The Clerk of the House of Representatives will assume responsibility for the Virginia 7th District office until a new member is elected and sworn in, the Richmond Times-Dispatch reports.

Cantor, 51, said he asked Democratic Virginia Gov. Terry McAuliffe to hold a special election the same day of the Nov. 4 general election. The goal would be to have his successor installed immediately.

The move would most likely give Brat, who is expected to win the race, seniority over those elected in November — since they would not be sworn in until January, according to the Times-Dispatch.

While Cantor has not said publicly what his next move is, sources told Politico that he is considering opportunities in hedge-fund management, private equity and banking.

His wife, Diana, 56, is a partner in the Alternative Investment Management, a New York-based financial advisory firm. She sits on five corporate boards, Forbes magazine reports. The Cantors were married in 1989.

But working as a Washington lawyer or lobbyist doesn't appear to be among Cantor's thoughts, however.

"He’s not coming here," one manager in those fields told Politico. The executive has spoken with Cantor. "He’s done with this place."

"There are two famous streets in America that would be glad to employ him," said Ivan Adler, principal of the McCormick Group executive search firm. "Either Wall Street or K Street would pay him a pretty good chunk of change."

© 2025 Newsmax. All rights reserved.


Newsfront
Former House Majority Leader Eric Cantor is leaving Congress early to find a job that could easily pay him $1 million or more a year, Republican sources and corporate headhunters say.
cantor, reason, resign, congress, payday
406
2014-15-02
Saturday, 02 August 2014 05:15 PM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
TOP

Interest-Based Advertising | Do not sell or share my personal information

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
America's News Page
© Newsmax Media, Inc.
All Rights Reserved
Download the Newsmax App
NEWSMAX.COM
America's News Page
© Newsmax Media, Inc.
All Rights Reserved